Casa de Economii si Consemnatiuni (Savings Bank - CEC) will close down 60 loss-making agencies next month, which will bring the number of the bank's territorial units down to 1,450. The move is part of CEC's restructuring, which was started in 2002 in order to cut costs, also by downsizing. The institution had 12,200 employees at the end of 2001, but some 1,700 people have been laid off in the past two years. In line with the restructuring programme, another 500-1,000 employees will leave this year. ZF
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